Friday, January 15, 2010

Most Americans have dreams of winning the lottery or pray that a long lost relative will one day pass away and leave behind a huge inheritance. Of course these circumstances are rare and a very high percentage of people that fortune does smile upon lose the money in a flash. The 3 steps to becoming a millionaire are listed below.

1. Find a millionaire mentor

All consistent millionaires went through a learning process in order to make and keep the millions made. Being wealthy sounds easy and stress less but the truth is that the more money a person makes increases the pressure and responsibilities a man or woman has to take on. Most mentor millionaires will tell you that a large percentage of the millionaire clientele has went through at least 1 or more bankruptcies. Find a mentor to the millionaires that you can latch on to in order to avoid the early business entrepreneurialism mistakes.

2. Prepare for a marathon

Many millionaires have made money in a very short period of time. A mistake made when this happens is that the money was made so easily that it becomes relied and/or depended upon. This is an early rookie assumption that has destroyed the character of many hard working individuals that hold very high integrity. It takes years to rebuild perceived integrity once an entrepreneur cannot make a payment on time or even worse teeters bankruptcy. Many great men and women of the business world experience the millionaire down fall. So if one is willing to be serious about learning how to make and keep money then it is dire to prepare for a marathon... not a sprint. Making a reliable income takes planning, time and experience in order to be successful

3. Bank like the wealthy

A popular saying among the wealthy is that it is not always how much is earned but the real wealth lies within how much is kept. Millionaire mentors witness that the most prestigious business entrepreneurs that hold the highest numbers in the bank account understands banking strategies. Wealthy individuals utilize banking strategies that are available for personal use.

So, if becoming a millionaire is a dream and one is willing to commit to this dream it is important to find a mentor to millionaires, prepare for a long planned out journey, and learn to bank like the wealthy. Follow these three rules and one will be on the journey to success in a guaranteed manner.

Being rich can be accounted for on various terms. Some people may feel rich if they are surrounded by their family or close relatives. Others count richness based in the number of their friends or fullness of heart due to service rendered for the good of humanity.

Still, one of the most sought-after richness is often that which is measurable in terms of monetary or property value.

People can be rich through various ways and means. What one needs to look out for is his or her interest, and then find ways of earning through such interest so as not to feel the burden and stress of raising funds.

Below are some tips on how to get rich:

1. Invest in stocks. Though stocks are highly unstable, an individual should have the necessary knack for determining when to sell and when to purchase the right number of stocks.

Entailing the services of a broker might be a good idea, though a conservative one is still sometimes the best choice since a chancy broker, though he or she might give you a fortune on a surge in certain stocks, might be too much of a risk.

2. Buy and sell. Individuals who have large amounts of capital engage in buying and selling of real estates or houses, with the intention of reselling it after its value has increased.

Value may increase due to renovations and repairs (if it is a house) or improvements on the area (for estates).

For individuals who have full-time jobs, he or she may sell small items to earn extra cash.

Earning is not the end-all and be-all of being rich. One has to learn and take into consideration the following information to be able to retain such earnings.

1. Live simply. The common downfall of most people who experience a sudden upward surge in their income is to uplift their cost of living. This may be in the form of acquiring a larger house, a trendy and costly mobile phone, new cars or new appliances.

Though at first glance this may look like a one-time purchase or flow-out of money, others costs or probable expenses are hidden in the form of maintenance expense (gasoline for all the newly-acquired cars), repairs (larger houses entails larger amount of money needed for probable repairs) and larger bills (utility bills for the large house or housecleaning services).

2. Saving. If an individual saves at least 20% of his or her monthly earnings, and invests the same on mutual funds or other investment vehicles that offer higher interest rates as compared to savings account interest on some banks, he or she would be guaranteed a fair amount of money saved for future use.

3. Recycle. Items that currently have no more value or use to the owner might be of something good to someone else.

Hold garage sales to discard items that occupy space and clutter the home. Not only would this clear the house, but this would give an individual extra cash from which he or she may add to their savings account or use as additional capital for whatever investment he or she would like to engage in.

Still, richness can only be truly felt when an individual has the feeling of being satisfied with everything that he or she has. This is the shortest way to the path to richness.